China, Russia Working to Undermine Dollar’s Central Role!

• China, Russia working to undermine dollar’s central role! 
  by http://rbth.asia/ 
  Russia and China are working together against the US dollar, the famous currency trader Russ Winter believes.   
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  Clearly, China is less than enthusiastic about the dollar’s status as the main global reserve currency. The People’s Bank of China (the Chinese central bank) said back in 2009 that a global dominance of a single national currency translates into higher risks of contagion.
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  Russia is not happy about the dollar’s ubiquitous role, either. The Russian government wants the world to have more reserve currencies, and believes that the rouble could be among those currencies.
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  The two emerging economies, Russia and China, have now pooled their efforts in order to make their dreams of a stronger rouble and yuan come true. 
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  The currency wars raging around the world are just the tip of the iceberg, the famous US trader Russ Winter says. China has launched a series of manoeuvres to wrest away from the dollar its current status as the planet’s main reserve currency. In accordance with a long-standing Chinese tradition, the strategy of that war is based on deception. 
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  The two allies’ plan is as follows: first they want to put a tight noose around the dollar’s neck, and then, when a convenient moment comes, kick the chair from under the United States.
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  In simple terms, Russia and China want to increase the convertibility of the rouble and the yuan, and to increase the two currencies’ role in international trade – and then to propose them as global reserve currencies. 
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  The United States, where the level of sovereign debt is approaching 110 per cent of GDP, will be unable to meet such a challenge. 
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  Next step: kick the chair from under the USA 
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  read more!

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